By Sheri Kasprzak
New York, Oct. 27 - Interactive Television Networks, Inc. said it has completed a private placement of 17% secured convertible debentures for $4 million.
The debentures, due Oct. 1, 2008, were sold to Pentagon Bernini Fund, Ltd. and are initially convertible into common shares at $2.00 each.
The debentures may be prepaid at any time without penalty.
The investor also received warrants for 1 million shares, exercisable at $3.00 each for five years.
Interactive used $2.4 million of the proceeds to repay, in full, a $2.4 million letter of credit with Manufacturer's Bank. The balance of the proceeds was used to repay a working capital loan from Mercator Momentum Fund III, LP.
Based in Laguna Niguel, Calif., Interactive provides a service allowing customers to access television programs via the internet.
| Issuer: | Interactive Television Networks, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $4 million
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| Maturity: | Oct. 1, 2008
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| Coupon: | 17%
|
| Price: | Par
|
| Yield: | 17%
|
| Conversion price: | $2.00
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| Warrants: | For 1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.00
|
| Investor: | Pentagon Bernini Fund, Ltd.
|
| Settlement date: | Oct. 24
|
| Stock price: | $7.00 at close Oct. 24
|
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